General Flashcards
The purpose of Virginia Real Estate Law is to……………
Protect the Public. Legislation is passed for the protection of the public.
In the application for a broker’s license, actively engaged is defined as performing real estate activities for and average of ……
40 hours per week. This went into effect in January of 1999.
A licensee who obtains a broker’s license but continues to work under the supervision of a principal broker is referred to as an …….
Associate Broker. Any person holding a broker’s license that is affiliated with a firm other than his/her own is referred to as an associate broker.
The principal broker of a firm is a broker who is……….
Responsible for the activities of the firm and all its licensees. The owner does not have to hold higher a salesperson’s or broker’s license unless she is active/engaged in real estate practice.
An individual associate broker who has been assigned to supervise the activities of a branch office is referred to as
A supervising Broker
A licensee who acts for or represents a client in an agency relationship/agreement in Virginia is identified as a
Standard Agent
The legal definition of real estate Virginia would not include a….
Recreational Vehicle
The official name of the regulatory body responsible for administering the Virginia Real Estate Licensure Law is the
Real Estate Board.
The Real Estate Board consist of
Seven licensed brokers or salespersons and two citeizens
Members of the Real Estate Board are
Elected by state real estate board
The Real Estate Board has the authority to do all of the following except
Establish commission rates
A licensee may only have his real estate license revoked by the
Real Estate Board
The real estate board is responsible for administering the Virginia
Fair Housing Act
One of the responsibilities of the real Estate Board is to
Approve schools for teaching authorized courses for license exams
Any person, firm partnership, association, corporation, limited liability company or sole proprietor that sells of offers to sell property in Virginia must be licensed in Virginia if they
Accept a fee, commission or other value consideration
When a person is engaging in real estate brokerage with out a license, the Real Estate Board May
Issue a cease and desist order and impose a civil penalty not to exceed $1000.
The common interest Community (CIC) Board is responsible for administering all of the following EXCEPT
The Residential Property disclosure Act
All of the following requirements must be met by every person wishing to be licensed as a real estate sales person EXCEPT
The person must be at least 21 years old
Although there are some electives allowed in courses that may be taken to quality for the Virginia Brokers license, everyone must take the course in real estate
brokerage.
All of the following are eligible to apply for a sales person license as a business entity except
a limited liability company that is not authorized to do business in Virginia
A person residing in North Carolina may obtain a Virginia real estate license by meeting all of the same requirements as a Virginia resident with an additional requirement to
file an irrevocable consent to suits and services
In order to apply for concurrent licenses with two separate brokerage forms, the licensee must be
An Associate broker with approval of both brokers.
A real estate licensee in West Virginia will be ranted a license by reciprocity in Virginia of he
takes and passes a written exam on Virginia license law prior to making application.
